Bitcoin is trading perfectly within a descending channel facing the upper end of it as resistance. This same level is marked on the chart as EMA50, the next barrier to break for a move higher.
On the 8th February, Bitcoin had a high volume breakout above EMA10. This moves fulfilled all the requirements of a strong breakout and now additional bullish action is expected.
So let's take a look at some of the signals:
The retrace has been really strong, with Bitcoin holding all of its value. Virtually no retrace so far.
The RSI remains bullish.
The next move will happen soon, the sooner the better, and I am seeing $4150 - $4250 as possible, this is where MA99 and EMA100 meet each other.
Looking at it on a shorter time frame, 4H, $3800 is the next barrier to break. If Bitcoin can break $3800 with strength and momentum, expect $4150 - $4250 to be tested next.
Chart (4H TF):
Conditions for change: If the bulls don't follow up on its last candle and momentum wains, you can expect a retrace. The next immediate support is sitting at EMA10 ($3600), followed by $3460. These levels are very likely to hold if Bitcoin moves down. If they don't, the next support is at $3215 for the double bottom.
This is all for today... Which way do you think Bitcoin will go?
Share your comments and charts on the comments section below.
SOUL INSPIRATION
Inspiration comes in different forms and natural ways.
Inspiration can come from other people, beautiful sights, from a storm, the sea, the trees, and even the sun rays.
Inspiration can be practiced and developed as an art form.
But there exists the ultimate inspiration, the type of inspiration that only needs expression... This is the unique inspiration from your soul.
You can recognize this type of inspiration as it doesn't require any effort at all.
You just are... Say, "I AM"... and everything I want to write comes out without having to think about inspiration at all.
Learn to be inspired every day by the infinite wisdom that resides in your soul.
Namaste.
----------------- Bitcoin (XBT) LONG trade for 100%+ ROE:
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Pure sideways the past four days. Hopefully, it will break out when the daily candle closes in 25 minutes...